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Harvey Gulf sells towing fleet to Signet Maritime for $127 million

Signet Warhorse II

Among the vessels Harvey Gulf sold to Signet Maritime is the Signet Warhorse II, the most powerful ABS-classed ocean towing vessel in the company's Offshore Towing Division.
(Photo courtesy of Signet Maritime International)

Signet purchased all eight of Harvey Gulf's offshore towing vessels, which were built between 1997 and 2007 and are capable of exerting 75 to 153 metric tons of pulling power.

Harvey Gulf CEO Shane Guidry said the company sold the vessels for $127 million.

Guidry described the sale as part of Harvey Gulf's ongoing evolution from a towing company into an offshore vessel supply company. "The major oil companies are all moving toward ultra-deepwater drilling," Guidry said. "We're divesting ourselves of our towing fleet to re-invest in vessels that can meet those companies' needs over the next 10 to 20 years."

Signet has a corporate office in Houston and operations in Pascagoula, Miss., Corpus Christi, Tex., and other Gulf Coast locations. Signet spokeswoman Gayle Snyder said the acquisition of the Harvey Gulf fleet will enable the company to establish operations in Port Fourchon, where servicing oil companies requires more powerful offshore towing vessels.

Snyder said the acquisition expands the Signet fleet to 38 total towing vessels. As part of the deal, Signet will also take on the vessels' 75 crewmembers, boosting the company's workforce to just over 300, she said.